Silverstein, Brookfield Consider Partnering On 5 WTC Proposal

FINANCIAL DISTRICT, NY — Silverstein Properties and Brookfield Properties are eyeing a partnership to develop 5 World Trade Center, a source familiar with the plan confirmed to Patch.

Commercial Observer first reported the two Lower Manhattan landlords are considering working together to develop the site — among the last to be redeveloped.

Sources told the real estate news site that the two firms are considering applying for the state's request for proposals for 5 World Trade Center for up to a 900-foot tower on the site.

Rumors first surfaced about the Port Authority of New York & New Jersey and the Lower Manhattan Development Corporation planned to sell site 5 to developers back in June. Later that month, Gov. Andrew Cuomo announced the request for proposals for a commercial or mixed-use tower with up to 1.3 million square feet of space and 900 feet high.

"Nearly eighteen years ago, New Yorkers vowed to rebuild Lower Manhattan stronger than ever, and with the request for proposals now open for World Trade Center Site 5, we are continuing to make good on that promise," Cuomo said in a June statement when the request for proposals was released.

Of the square footage available to build, up to 1.1 million square feet could be residential space, though housing would require an amendment to the general project plan (GPP) to override the zoning code, Curbed previously reported.

Per the Observer, amending the GPP would require a six-month public review with approval from the City Planning Commission — which differs from the lengthier public review plan called the uniform land use review procedure that requires City Council approval.

Brookfield Properties and Silverstein Properties declined to comment on potential plans.

The other remaining to-be-developed site is 2 World Trade Center, owned by Silverstein Properties. Silverstein has not yet found an anchor tenant for the future tower, though the developer may build without a secured tenant, Patch previously reported.

Click here to read the full Commercial Observer report.